Coinbase has been making major moves back to back in crypto payments by teaming up with two major companies, American Express and Shopify. These partnerships aim to bring crypto rewards and stablecoin payments into everyday spending and online shopping.
Coinbase Launches Bitcoin Rewards Credit Card
At the state of crypto conference, Coinbase announced its first-ever credit card, the Coinbase One Card, by partnering with American Express. The card will offer up to 4% back in Bitcoin on every purchase and will run on the trusted Amex network.
The card is developed with Cardless and issued by First Electronic Bank. The card will offer crypto rewards along with exclusive perks, security, and protections from American ExpressIt will be available only to Coinbase One members in the U.S., and the waitlist is now open.
American Express says it believes in the long-term potential of crypto and blockchain. The Coinbase One Card will benefit from Amex’s secure and reliable payments infrastructure, aiming to give users a smooth and rewarding crypto experience.
Shopify to Accept USDC Stablecoin Payments
The next major deal is with Shopify, which hosts millions of online stores. Starting from June 12, a limited cohort of early merchants will be able to accept stablecoin payments. This feature will roll out through a deal with Coinabase and utilizing its Ethereum-based layer-2 network Base.
The feature will roll out to all Shopify merchants later in the year. Shopify merchants have the ability to receive payment in USDC. Businesses will still receive payments in their local currency, and won’t have to pay foreign transaction fees.
Shopify also plans to give up to 1% cashback to customers paying with USDC, and merchants who accept USDC will earn up to 0.5% back. Shopify and Coinbase have also created a unique payment system. This will support features like refunds, taxes, and staggered payments. This makes it easy for businesses to start using crypto payments without extra apps or setup.
This isn’t the first move Shopify has made toward crypto. Previously, sellers could install third-party plugins to accept Bitcoin, Ethereum, or USDC on an optional basis. This time around, accepting USDC is enabled automatically (opt-out), so sellers would have to turn it off if they don’t want it.
With Bitcoin rewards from American Express and stablecoin payments on Shopify, Coinbase is helping reshape how people pay and get paid—both online and in everyday life.
Also Read: Brian Armstrong: Coinbase Cuts Account Freezes by 82%
